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First Lady stresses need for women empowerment for economic growth
By Nuzla Rizkiya
At a time where repeated global calls are made towards women’s inclusivity for economic success, First Lady Prof. Maithree Wickremesinghe called for women economic empowerment, highlighting its pivotal role in driving inclusive growth and prosperity.
Addressing the Women’s Leadership Forum 2024 organised by the Women’s Chamber of Industry and Commerce yesterday, the First Lady in her keynote speech chose to shed light on many multifaceted barriers faced by women hindering their participation in economic activity.
“One of the enormous challenges faced by Sri Lanka today is the inequality in the distribution of opportunities, resources, incomes and wealth. Therefore inclusivity is extremely pertinent,” Prof. Wickremesinghe said.
She further listed undervaluation of unpaid care work, the neglect of women’s individual identities, insufficient representation in leadership roles, and the pervasive issue of gender-based violence and harassment (GBVH) as root causes for the lack of women’s representation in decision making roles.
Furthermore, citing national statistics, she reiterated that despite constitutional guarantees and significant advancements in women’s education and social indicators, the labour force participation rate of Sri Lankan women has remained stagnant at around 35 percent for the past three decades.
“There lies the demographic case for economic inclusion of Sri Lankan women. People will argue that 67.9 percent of Sri Lankan women have potentially been left behind, given the vast untapped reserves. Given the low rate of labour force participation, we can assume that 67.9 percent of Sri Lankan women are not earning any income, and that more disturbingly, 67.9 percent of women are probably financially dependent on others,” Prof. Wickremesinghe noted.
Moreover, she emphasized that revisionist policies, according to IMF estimates, could boost a country’s GDP by up to 4 percent.
The International Finance Corporation (IFC) in a report highlighted that increased female representation in business leadership positions leads to higher environmental, social, and governance standards, particularly when women reach 30 percent of company roles.
Prof. Wickremesinghe called for concerted efforts to address challenges faced by women through comprehensive strategies that prioritise legislative reforms, policy interventions, and organisational initiatives aimed at fostering a more inclusive work environment for women.
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